All of the following shift the long-run aggregate supply curve...
What will be an ideal response?
-a change in the capital stock
-an increase in the stock of human capital
-technological progress
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In Figure 1.6, at which of the following points would the opportunity cost of producing one more SUV be highest?
A. A. B. B. C. C. D. F.
Which of the following will NOT shift the MRP curve for labor?
A) a change in the productivity of labor B) a change in the price of the product being sold C) a change in the wage rate in the market D) a change in the demand for the product being produced
Answer the following statement(s) true (T) or false (F)
1. Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods. 2. Population changes are a key determinant of demand for goods and services. 3. Mae's Restaurant is the only establishment in town that sells cinnamon rolls. Mae therefore has a monopoly on the cinnamon roll business in town. 4. Competition in an oligopoly is centered more on making one product stand out from another than it is on price. 5. Products manufactured in foreign countries by U.S. companies are included in the U.S.'s gross domestic product (GDP).
The slope of the short-run aggregate supply curve shows that:
A. as overall price levels decrease, firms are willing to produce more. B. firms are constrained to a certain level of output in the short run, regardless of the price. C. firms are constrained to a certain price in the short run, regardless of level of output. D. as overall price levels increase, firms are willing to produce more.